- SUI rebounds from $3.00 support with bullish MACD setup and growing buying interest near $3.30.
- Price holds within a symmetrical triangle as traders eye resistance at $3.44 and potential breakout.
- Despite token unlock, SUI sentiment stays strong with rising mentions and liquidated short positions.
Sui (SUI) is showing strong signs of recovery after a volatile few weeks. The token bounced from key support levels around $3.00 and briefly traded above $3.40. This move came after a weekend rebound of nearly 5%, despite recent selling pressure from a large token unlock. Market observers are closely watching price levels and volume as SUI continues to hold above technical trendlines.
SUI Price Rebounds from Technical Support Zone
SUI is trading within a symmetrical triangle pattern on the daily chart, where buyers have defended the lower support trendline. The trendline was formed by the lows on April 7 and April 20. This structure helped SUI hold ground above the 100-day Exponential Moving Average (EMA) at $3.22.
The Moving Average Convergence Divergence (MACD) indicator also suggests growing bullish momentum. The MACD line is moving closer to the signal line, and a crossover could confirm a shift in short-term trend. Price action also shows consistent buyer activity near the $3.30 mark, supported by strong volume recovery.
SUI bounced off the 200-day EMA at $3.04, which served as immediate support during recent downside pressure. The 0.382 Fibonacci retracement level at $3.44, drawn from the April high of $4.20 to the $2.13 low, remains a critical resistance.
Developer Activity and Supply Concerns Shape Market Sentiment
The recent $223 million decentralized exchange exploit on Cetus initially shook investor confidence. However, according to an observation by Gemxbt, SUI was the most mentioned ticker in the past hour, reflecting renewed interest.
The Sui Foundation unlocked 58.35 million tokens on June 2, which added to circulating supply. Despite that, no sharp sell-off occurred. According to data by Coinglass, short positions worth over $78,000 were liquidated, suggesting growing long interest.
Suipens, a market trader, said: “I don’t think $SUI will easily return to $5. We may see SUI drop below $3 again.” Still, many traders expect a healthy correction before a stronger rally. The next unlock event is scheduled for July 1.
